Binance Labs Invests $5 Million in Curve Finance’s CRV Token

In its latest blog post, Binance Labs announced a strategic investment of $5 million in Curve Finance’s CRV token, while also supporting the project’s development on the BNB Chain.

Investment Announcement:

• Details: Binance Labs shared the news via its official Twitter account on the evening of 10/08. The investment is aimed at bolstering Curve Finance, one of the largest stableswap solutions in the market.

Statements from Key Figures:

• Yi He, Co-founder of Binance and Head of Binance Labs:
  • "Curve is one of the largest stableswap solutions and has significantly contributed to the stability and growth of DeFi in 2023. Binance has proposed to support Curve through a strategic investment. We view this partnership as a starting point and will work together to drive further developments in the DeFi market."
• Michael Egorov, Founder of Curve Finance:
  • "BNB Chain has established a significant presence in the DeFi market. It is a great place for Curve to deploy its products. We look forward to building new solutions and fostering growth across DeFi ecosystems."

Strategic Impact:

• Deployment on BNB Chain: Alongside the investment, Curve will begin rolling out its products on BNB Chain, further integrating the two ecosystems.
• Broader Context: This investment follows a series of dramatic events for Curve Finance, particularly several OTC token sales by founder Michael Egorov to stabilize the protocol. The rescue efforts have seen participation from major players like Wintermute, DWF Labs, Gnosis, Yearn Finance, Cream Finance, Reserve Protocol, Stake DAO, and individual investors such as Justin Sun, Huobi founder Du Jun, and DCF GOD.

Recent Developments:

• OTC Sales: With Binance Labs' latest investment, Egorov has sold a total of 156.15 million CRV through OTC deals, raising $62.46 million.
• Strategic Position for Binance: Accumulating CRV tokens enhances Binance’s position in attracting liquidity for its WBETH token on Curve Finance.

Market Reaction:

• CRV Price: At the time of writing, the price of CRV has been volatile, currently trading in the range of $0.63 to $0.66 USD.

Binance Labs' significant investment in Curve Finance underscores its commitment to supporting DeFi innovations and fostering collaboration within the decentralized finance sector. This partnership aims to leverage the strengths of both Binance and Curve to drive further growth and stability in the DeFi ecosystem.